Initiation report, page-3

Some very bullish/optimistic forecasts on margin expansion.

NPATA as percentage of Sales:
FY2016 Actual: 7.1 %
FY2017 Actual: 5.9 %
FY2018 Actual: 10.3 %
FY2018 Forecast: 11.6 %
FY2020 Forecast: 13.8 %
FY2021 Forecast: 15.4 %

Are those margins acheivable? If they are, valuation is given at 22c. If the actual margins are less than forecast, valuation will be much closer to, or less than the current price.

Not enough upside potential for me to buy at the current price.